大午集团融资案例与我国中小企业融资的相关问题研究
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摘要
改革开放以来,我国中小企业取得了高速的发展。中小企业对于增加就业、发展经济发挥着重要的作用,中小企业已成为我国经济中非常重要的组成部分。世界各国都非常重视中小企业的发展。中小企业在发展过程中遇到最大的问题之一就是融资困难,中小企业融资困难是一个世界性的难题。
本文首先对河北大午集团的融资案例进行了分析;接着我国中小企业的发展状况和融资现状。我国中小企业融资表现出融资渠道单一,主要依靠内源性融资和企业间信用,而通过银行和资本市场很难获得企业发展所需的资金;通过经济学相关理论对中小企业融资困难进行了分析,指出信息不对称是引起中小企业融资困难的根本原因;然后从中小企业本身、金融体系、政府和信用担保体系等四个方面详细分析了我国中小企业融资难的具体成因;通过分析美国、日本、德国和台湾四个国家(或地区)解决中小企业融资难的先进模式和经验,并结合我国的具体情况,提出了解决我国中小企业融资困难的对策,并指出大力发展直接融资渠道和建立适合中小企业融资的中小金融机构是解决我国中小企业融资困难的根本出路。
文章的主要结论对中小企业融资及逐步解决我国中小企业融资难的问题有借鉴意义。
Since the reform and opening, the small and medium-sized enterprises (SMEs) in our country, China, has been developing enormously. SMEs provide an important effect on employment and the development of economy. They have become a significant role in Chinese economy. Therefore, all of the governments around the world are paying attention to the development of SMEs. However, one of the difficulties here is the finance, which is also a global problem.
In the beginning, the writer did a research on the financing case of Hebdi Dawu group and the development and current financial situation of SMEs in China. The latter is characterized by the simplicity of financing channels -the inner source financing and credit among enterprises, but SMEs cannot attain enough capital for its development from the bank institutions as well as the capital market. Then from analyzing the cause of SMEs financing difficulty by economics theory, the writer point out that the asymmetric information is the radical cause. The writer has also analyzed the cause of SMEs financial difficulty in detail from four aspects, which are the enterprises, the financial, the government and the credit system. After that, the writer brought forward the countermeasure to resolve financial difficulties of SMEs. This is done by analyzing the advanced pattern and experience adopted from some of the developed countries such as USA, Japan, Germany and Taiwan, which are united with concrete conditions of our country. It expands direct financing channels greatly and increases the small and medium-sized bank institutions that are suitable for the finance of SMEs.
There is some positive significance for SMEs to finance and to solve the financial problem gradually of SMEs in our country from the main conclusion of the dissertation.
本文首先对河北大午集团的融资案例进行了分析;接着我国中小企业的发展状况和融资现状。我国中小企业融资表现出融资渠道单一,主要依靠内源性融资和企业间信用,而通过银行和资本市场很难获得企业发展所需的资金;通过经济学相关理论对中小企业融资困难进行了分析,指出信息不对称是引起中小企业融资困难的根本原因;然后从中小企业本身、金融体系、政府和信用担保体系等四个方面详细分析了我国中小企业融资难的具体成因;通过分析美国、日本、德国和台湾四个国家(或地区)解决中小企业融资难的先进模式和经验,并结合我国的具体情况,提出了解决我国中小企业融资困难的对策,并指出大力发展直接融资渠道和建立适合中小企业融资的中小金融机构是解决我国中小企业融资困难的根本出路。
文章的主要结论对中小企业融资及逐步解决我国中小企业融资难的问题有借鉴意义。
Since the reform and opening, the small and medium-sized enterprises (SMEs) in our country, China, has been developing enormously. SMEs provide an important effect on employment and the development of economy. They have become a significant role in Chinese economy. Therefore, all of the governments around the world are paying attention to the development of SMEs. However, one of the difficulties here is the finance, which is also a global problem.
In the beginning, the writer did a research on the financing case of Hebdi Dawu group and the development and current financial situation of SMEs in China. The latter is characterized by the simplicity of financing channels -the inner source financing and credit among enterprises, but SMEs cannot attain enough capital for its development from the bank institutions as well as the capital market. Then from analyzing the cause of SMEs financing difficulty by economics theory, the writer point out that the asymmetric information is the radical cause. The writer has also analyzed the cause of SMEs financial difficulty in detail from four aspects, which are the enterprises, the financial, the government and the credit system. After that, the writer brought forward the countermeasure to resolve financial difficulties of SMEs. This is done by analyzing the advanced pattern and experience adopted from some of the developed countries such as USA, Japan, Germany and Taiwan, which are united with concrete conditions of our country. It expands direct financing channels greatly and increases the small and medium-sized bank institutions that are suitable for the finance of SMEs.
There is some positive significance for SMEs to finance and to solve the financial problem gradually of SMEs in our country from the main conclusion of the dissertation.
引文
[1] 国家发展与改革委员会中小企业司. 2006 年中小企业发展情况和 2007 年工作要点. 中国中小企业信息网. 2007,1
[2] 中小企业发展问题研究联合课题组. 2003 年成长型中小企业发展报告. 国家发展与改革委员会中小企业司. 2003, 12
[3] D.Durand, “Cost of Debt and Equity Funds for Business: Trends and Problems of Masurement” In Conference on Research on Business Finance, New York: National Bureau of Economic Research, 1952
[4] F. Modigliani and M. H. Miller, “The Cost of Capital, Corporation Finance and the Investment”, American Economic Review, June ,1958
[5] 沈艺锋. 资本结构理论史. 北京: 经济科学出版社. 1999
[6] 林毅夫, 李永军. 中小金融机构发展与中小企业融资. 经济研究. 2001(1), P94-97
[7] 孙国辉, 吴有红. 资本结构优化与高新技术企业融资策略评介. 山东社会科学. 2005(1):128
[8] 亚当·斯密. 国民财富的原因和性质的研究上卷. 上海: 商务印书馆. 1997
[9] 邬爱其, 贾生华. 国外企业成长理论研究框架探析. 外国经济与管理. 2002,24,12
[10] Coase·R·H. , The Nature of the Firm, Journal of law, Economics and Organization, 1988,Vol.4
[11] Stephen A. Ross, Randolph W. Westerfield, Jeffrey F. Jaffe, Corporate Finance(6th Edition). 吴世农, 沈艺峰, 王志强译. 北京: 机械工业出版社, 2005, 245-331.
[12] Robichek, A lexander A .and Myers, Stewart, 1966, Problems in the theory of optimal capital structure, Journal of financial and quantitative analysis, l, No l
[13] Myers, The Capital Structure Puzzle, Journal of Finance, American Finance Association, 1984, 39:P579-592
[14] P .Drucker, Innovation and Entrepreneurship, New York: Harper&Row,1985
[15] Mayers, S And N, S, Majluf, “Corporate Financing and Investment Decision When Firms Have Information That Investors Do Not Have,” Journal of Financial Economics, 13, June, 1984
[16] Jensen, Michael C ,and Meckling William H, “Theory of The Firm; Managerial Behavior ,Agency Cost and Ownership Structure ,”Journal of Financial Economics ,3 ,1976
[17] Harris ,Milton and Raviv , Artur, “The theory of capital structure”,56 ,No 1 ,297-355 ,1991
[18] Harris ,Milton and Raviv ,Artur, “Capital structure and the information role of debt”,Journal of finance ,45 ,No 2 ,321-349 ,1990
[19] 赵祥. 西方企业融资结构理论的演进以及对我国的启示. 学术论坛. 2005(2), P109-113
[20] Macmillan, Report of the Committee on Finance and Industry[R], London, Hmso, 1931
[21] 张玉明. 中小企业的融资缺口及其化解途径. 山东经济. 2004(4), P51
[22] Allen N. Berger and Gregory F. Udell, 1998, The Economics of Small Business Finance: The Role Of Private Equity and Debt Market in the Financial Growth Cycle[J], Journal of Banking and Finance. Vol 22: 620-640
[23] 许志永. 我们为什么要为孙大午辩护. Guide to Chinese Poultry, 2003, 20 卷(23):7
[24] 马新莉. 孙大午问题解决了吗. IT 经理世界. 2004(12):26
[25] 汤敏. 从“孙大午事件”看中小企业融资改革方向. 中华会计学习, 2004(6):5
[26] 国家发展改革委中小企业司. 2005 年中国成长型中小企业发展报告简报. 2006, 1
[27] 李小菊. 美国、日本、德国中小企业融资经验及借鉴. 北京工业大学学报社会科学版. 2005,9
[28] 何剑. 美国小企业融资的理论和经验分析. 特区经济. 2005, 10, 281-283
[29] 张丽丽. 日本中小企业信用担保体系. 企业改革与管理. 2005(5), 68-69
[30] 冯兴元. 德国金融机构对中小企业的融资支持. 中国民营. 2005, 46-47
[31] 彭静. 王春平. 国外及我国台湾地区中小企业融资担保的经验. 北方经济. 2005(9), 59-60
[2] 中小企业发展问题研究联合课题组. 2003 年成长型中小企业发展报告. 国家发展与改革委员会中小企业司. 2003, 12
[3] D.Durand, “Cost of Debt and Equity Funds for Business: Trends and Problems of Masurement” In Conference on Research on Business Finance, New York: National Bureau of Economic Research, 1952
[4] F. Modigliani and M. H. Miller, “The Cost of Capital, Corporation Finance and the Investment”, American Economic Review, June ,1958
[5] 沈艺锋. 资本结构理论史. 北京: 经济科学出版社. 1999
[6] 林毅夫, 李永军. 中小金融机构发展与中小企业融资. 经济研究. 2001(1), P94-97
[7] 孙国辉, 吴有红. 资本结构优化与高新技术企业融资策略评介. 山东社会科学. 2005(1):128
[8] 亚当·斯密. 国民财富的原因和性质的研究上卷. 上海: 商务印书馆. 1997
[9] 邬爱其, 贾生华. 国外企业成长理论研究框架探析. 外国经济与管理. 2002,24,12
[10] Coase·R·H. , The Nature of the Firm, Journal of law, Economics and Organization, 1988,Vol.4
[11] Stephen A. Ross, Randolph W. Westerfield, Jeffrey F. Jaffe, Corporate Finance(6th Edition). 吴世农, 沈艺峰, 王志强译. 北京: 机械工业出版社, 2005, 245-331.
[12] Robichek, A lexander A .and Myers, Stewart, 1966, Problems in the theory of optimal capital structure, Journal of financial and quantitative analysis, l, No l
[13] Myers, The Capital Structure Puzzle, Journal of Finance, American Finance Association, 1984, 39:P579-592
[14] P .Drucker, Innovation and Entrepreneurship, New York: Harper&Row,1985
[15] Mayers, S And N, S, Majluf, “Corporate Financing and Investment Decision When Firms Have Information That Investors Do Not Have,” Journal of Financial Economics, 13, June, 1984
[16] Jensen, Michael C ,and Meckling William H, “Theory of The Firm; Managerial Behavior ,Agency Cost and Ownership Structure ,”Journal of Financial Economics ,3 ,1976
[17] Harris ,Milton and Raviv , Artur, “The theory of capital structure”,56 ,No 1 ,297-355 ,1991
[18] Harris ,Milton and Raviv ,Artur, “Capital structure and the information role of debt”,Journal of finance ,45 ,No 2 ,321-349 ,1990
[19] 赵祥. 西方企业融资结构理论的演进以及对我国的启示. 学术论坛. 2005(2), P109-113
[20] Macmillan, Report of the Committee on Finance and Industry[R], London, Hmso, 1931
[21] 张玉明. 中小企业的融资缺口及其化解途径. 山东经济. 2004(4), P51
[22] Allen N. Berger and Gregory F. Udell, 1998, The Economics of Small Business Finance: The Role Of Private Equity and Debt Market in the Financial Growth Cycle[J], Journal of Banking and Finance. Vol 22: 620-640
[23] 许志永. 我们为什么要为孙大午辩护. Guide to Chinese Poultry, 2003, 20 卷(23):7
[24] 马新莉. 孙大午问题解决了吗. IT 经理世界. 2004(12):26
[25] 汤敏. 从“孙大午事件”看中小企业融资改革方向. 中华会计学习, 2004(6):5
[26] 国家发展改革委中小企业司. 2005 年中国成长型中小企业发展报告简报. 2006, 1
[27] 李小菊. 美国、日本、德国中小企业融资经验及借鉴. 北京工业大学学报社会科学版. 2005,9
[28] 何剑. 美国小企业融资的理论和经验分析. 特区经济. 2005, 10, 281-283
[29] 张丽丽. 日本中小企业信用担保体系. 企业改革与管理. 2005(5), 68-69
[30] 冯兴元. 德国金融机构对中小企业的融资支持. 中国民营. 2005, 46-47
[31] 彭静. 王春平. 国外及我国台湾地区中小企业融资担保的经验. 北方经济. 2005(9), 59-60